HFC shareholder threatens to stop EGM again

Business News of Friday, 13 February 2015

Source: Citifmonline.com

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A shareholder of HFC Bank has threatened to go to court again to put on hold the organization of the bank’s Extraordinary General Meeting (EGM) scheduled for Tuesday February 17, 2015.

This will be the third time the meeting will be put on hold if his threat comes into being.

The shareholder who had earlier filed an application for a stay of execution to suspend the bank’s EGM says he will appeal a court’s decision which dismissed its application earlier.

An Accra high court on Monday February 9, 2015 dismissed the application for stay of execution on the grounds that the lawyer for the shareholder Robert Yartey had no valid lawyers’ Annual License to practice in Ghana at the time of filing his first stay of execution something he has denied.

According to Robert Yartey they were not satisfied with the ruling and are ready to file another stay of execution at the appeals court.

“Am sure latest by tomorrow we would have filed it. We have it ready, you know the last time I spoke to you I said we should file it by Friday, so am sure by tomorrow we should file it. Normally we have seven days freeze on whatever decision the court takes but we will have to file it by close of registry tomorrow we will have filed it.”

When asked if he was not frustrating the process lawyer Yartey said “If we have a right why shouldn’t we exercise it? If they think that right we are exercising amount to frustration that is to them. If we don’t have a right and we are doing something then you can say its amount to frustration but if the law allows me to do something and am exercising it, why will they call it frustration.”

Meanwhile HFC bank has affirmed it will go ahead to organize the much anticipated Extraordinary General Meeting.

A letter from the bank to its shareholders said the EGM will be held at the Christ the King Parish Hall at eleven o’clock on 17th February,2015.

The agenda for the EGM according to the bank is the removal of three directors Charles Ofori – Acquah, Muriel Edusei and Francis Koranteng with immediate effect.

The EGM is also to elect three directors Ebenezer Tetteh Tagoe, Paul King Aryene and Victoria Emeafa Hardcastle.

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